Legal Life Planning
Planning for Everyone You Love and Everything You Have
Do you know what would happen legally- to you, your loved ones, your money – if something unexpected happened to you?
Even if you don’t have an estate plan, the State of New Jersey has a plan for you.
Do you know what the people you love would have to deal with if something unexpected happen to you? If you don’t know, then the first step is to find out exactly what would happen, legally and financially, so that you can decide if the current state of your affairs is okay with you.
To do this, we conduct a Family Wealth Planning Session, where we spend time together and you’ll get informed. Before your Family Wealth Planning Session, you will complete a Family Wealth Inventory and Assessment, which will help you to get clear about what you own and what you have to think about when it comes to planning for the well-being and care of your loved ones and loved belongings. If you decide the current state of affairs is unacceptable, and if we both decide that it’s a fit to work together, then we can design an estate plan together that will best suit the needs of your family.
The foundation of your estate plan will often include a revocable living trust; you transfer your property into this trust for your benefit during your life. One of the benefits of a revocable living trust is that, when done correctly and maintained over time, your estate plan should help your family to avoid the cost and delay of probate and minimize or eliminate estate taxes.
Unfortunately, most plans don't work because much of what passes for estate planning is little more than word processing. You are asked a few questions and then the drafter decides which "plan" is right for you, and fits you into a template. This is not estate planning; it is little more than a “search and replace” of your family’s name and then a hit of the “print” button which spits out form documents.
Your Family Business Lawyer™ at Belotta Law Firm LLC will educate you, take the time to get to know you, your family, your concerns, your goals and your issues and will gladly and patiently answer all your questions to produce an estate plan that is exactly right for you.
If you are a family with young children, then your estate plan should begin with a foundation that ensures your children would always be taken care of, no matter what happens. At Belotta Law Firm LLC, one of our areas of greatest expertise is protecting minor children.
What Would Happen to Your Kids if the Unthinkable Happened to You?
Did you know that 69% of parents have not yet named guardians for their kids?
Of those who have, most have made one of 6 common mistakes most parents (and their lawyers!) make when naming guardians.
Don’t let this happen to your family!
Without proper planning, if the unthinkable happens to you, here’s what could happen:
Your children could be placed into Child Protective Services(CPS) even if you have a will in place; even if you have a living trust.
A Judge who doesn’t know you, or your family, will decide who will raise your kids, even if it’s the last person you would ever want;
Approximately 5% of the total value of your assets could be lost due to probate, a court process that can tie up your assets for months or years and deprive your kids of the resources they need to live comfortably;
When your kids turn 18, they get a check for whatever assets are left;
There are unscrupulous people who make it their business to review public records to find out what 18 year olds are coming into money;
The vast majority of estate planning attorneys do not address these issues, and do not plan from a parent's perspective
If you are a family with young children, then your estate plan should begin with a foundation that ensures your children would always be taken care of no matter what happens. At Belotta Law Firm LLC, one of our areas of expertise is protecting minor children.
We have developed our practice to ensure these things don’t happen! That’s why we offer a Kids Protection Plan with every estate plan we do for families with young children.